(625 ILCS 45/3A-12)(from Ch. 95 1/2, par. 313A-12)Sec. 3A-12. Transfer. (a) If an owner transfers his interest in a watercraft other than by the
creation of a security interest, he shall, at the time of the delivery,
execute an assignment and warranty of title to the transferee
in the space provided therefor on the certificate or as the Department of
Natural Resources prescribes and cause the
certificate and assignment to be mailed or delivered to the transferee or to
the Department of Natural Resources.(b) Except as provided in Section 3A-14 of this Article, the transferee
shall, promptly and within 15 days after delivery to him of the watercraft
and the assigned title, execute the application for a new certificate of
title in the space provided therefor on the certificate or as the
Department of Natural Resources prescribes, and cause the
certificate and
application to be mailed or delivered to the Department of Natural
Resources.(c) Upon request of the owner or transferee, a lienholder in possession
of the certificate of title shall, unless the transfer was a breach of his
security agreement, either deliver the certificate to the transferee for
delivery to the Department of Natural Resources or, upon
receipt from the transferee of the owner's assignment, the transferee's
application for a new certificate and the required fee, mail or deliver them to
the Department of Natural Resources. The delivery of the
certificate does not affect the rights of the lienholder under his security
agreement.(d) If a security interest is reserved or created at the time of the
transfer, the certificate of title shall be retained by or delivered to the
person who becomes the lienholder, and the parties shall comply with the
provisions of Section 3B-3 of Article IIIB.(e) Except as provided in Section 3A-14 of this Article and as between
the parties, a transfer by an owner is not effective until the provisions
of this Section and Section 3A-16 of this Article have been complied with;
however, an owner who has delivered possession of the watercraft to the
transferee and has complied with the provisions of this Section and Section
3A-16 of this Article requiring action by him as not liable as owner for
any damages thereafter resulting from operation of the watercraft.(f) The Department of Natural Resources may decline to
process any application for a transfer of an interest in a watercraft if any
fees or taxes due under this Act from the transferor or the transferee have not
been paid upon reasonable notice and demand.(Source: P.A. 89-445, eff. 2-7-96.)